fxpulsation
Posts : 8759
Join date : 2012-01-25
 |  Subject: USD/JPY loses momentum  Tue Apr 30, 2013 10:25 am | |
|  USD/JPY loses momentum 'We need a negative trigger for the dollar-yen to collapse lower.' - Societe Generale (based on MarketWatch) Pair's Outlook We did not see an immediate rebound from the bullish trend-line at 97.81, casting doubt on its topicality for the market and thereby on its ability to defend the upward tendency of the currency pair. Nevertheless, there are plenty of supports that should be able to prevent a decline in the price in case 97.81 gives in. Based on that, the focus is on the resistances, the nearest of which could be found at 98.73/43, though the real challenge to the up-trend is posed by the wide area beyond 100 and up to 101.60. Traders' Sentiment While the willingness of market participants to acquire the Japanese Yen subsides, there is an opposite tendency with respect to the U.S. Dollar. However, this did not have a notable effect on the attitude of traders towards USD/JPY, where 70% of traders bet on appreciation of the buck relative to the Yen.  | |
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